I am running OS 10.12.6. I created a 12 x 12 page at 300 ppi. When I type in text at 12 or 14 px I have to magnify the page over 300% to be able to read the text. My graphics come in at the correct size.I've restarted PS, reset the tools, upgraded to CC 2018.
I opened the document on another computer and my 14 px text came in at 3 px.